Chilean Tax Authority Releases New Version Of Tax Schemes Catalogue And Law No. 21,047 That Introduces Several Tax Amendments Is Published - Tax - Chile Law Articles in English - Mondaq Business Briefing - Books and Journals - VLEX 698118393

Chilean Tax Authority Releases New Version Of Tax Schemes Catalogue And Law No. 21,047 That Introduces Several Tax Amendments Is Published

Author:Mr Jaime Carey and Jessica Power
Profession:Carey
 
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  1. - New version of Tax Scheme Catalogue

    On November 23, 2017, the Chilean Tax Authority (hereinafter "SII") publicly released a new version of the Tax Schemes Catalogue. In this new version, the SII includes 15 new schemes of situations that could be declared abusive or simulated, adding to a total of 28 schemes published since November of 2016. In addition, through the catalogue the SII proposes an interpretation about how the general anti-avoidance rule should interact with specific anti-avoidance rules in conflict situations.

    Among the new tax schemes included in this version that can be highlighted are the generation of tax losses through share sales between related parties, back-to-back loans, loans from an open stock corporation to its shareholders, corporate migrations and a new case of life insurance contracts used as wealth management tool, among others.

    Read more in:http://www.sii.cl/destacados/catalogo_esquemas/catalogo_esquemas_2017.pdf

  2. - Law No. 21,047

    On the same date, Law No. 21,047 (hereinafter the "Law"), which amended several provisions of the Chilean Income Tax Law (hereinafter the "ITL") and the Chilean Tax Code, was published on the Official Gazette. Among the most relevant amendments are the following:

    The business-platform tax regime contained in Article 41 D of the ITL was abrogated, precluding any new companies from joining such regimen from the date the Law was published. For purposes of the ITL, the reference to the black list of tax haven jurisdictions elaborated by the Chilean Ministry of Economy was replaced with a reference to certain general criteria that determine the existence of preferential tax regimes, contained in Article 41 H of the ITL. These new criteria expressly excludes member countries of the Organization for Economic Cooperation...

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